The industry has yet to develop profitable simplified advice models because it is waiting on clearer guidance and direction from the regulator, Lighthouse group chief executive Malcolm Streatfield has said.
Lighthouse has been mulling the launch of a simplified model for the past four years, but says further clarity from the Financial Conduct Authority (FCA) is needed. The FCA's predecessor authority, the Financial Services Authority, published finalised guidance on simplified advice in 2012, saying it was possible under the existing regime. But advisory firms have apparently been reluctant to be first to market, saying, anecdotally, that they lack confidence in the regulatory position. Streatfield said Lighthouse Financial Advice (LFA) is engaged in discussions with the Association o...
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